Lotte Group Leaps into the NFT Market to Boost Customer Engagement

Fingerlabs, a subsidiary under South Korean digital marketing firm FSN, has secured a strategic partnership with the OGN gaming television channel to work on a blockchain-based content and IP project by utilizing its Web3 content distribution hub Xclusive, according to local news site Digital Times on Tuesday (KST).Photo by Luis Villasmil on UnsplashFrom Starcraft to the metaverseSince its inception as Ongamenet in 2000, OGN has grown significantly by broadcasting Starcraft matches, thus popularizing esports and leading the global standard for esports broadcasting. After being acquired by global league stats website OP.GG in 2022, OGN has been expanding its range of content to include other, more innovative games and technologies such as VR, XR, and the metaverse. It also recently launched a live channel and VOD service on the popular Korean OTT service Wavve. Through this partnership, the two companies plan to produce and distribute Web3 content through Xclusive by leveraging various IPs owned by OGN. The South Korean market has already been a hotbed of esports since the early 2000s when Starcraft’s popularity skyrocketed. More recently, the country’s interest and reputation in esports has grown exponentially when it hosted the League of Legends World Championship last year. Subsequently, expectations are building for Web3 content based on OGN's IPs. Xclusive’s journeySince it transitioned from a traditional NFT marketplace to a Web3 content distribution platform, Xclusive has teamed up with various projects. This includes the upcoming BTS Universe-based drama "Begins Youth," as well as the popular South Korean singing competition Miss Trot Season 3. This, coupled with the OGN collaboration, is expected to pave the way for Xclusive to expand beyond entertainment-related content and into the gaming industry.

OKX and Bybit Exclude Sanctioned Russian Banks from P2P ServicesIn response to the mounting pressure on crypto firms to improve general compliance standards, prominent digital asset exchanges OKX and Bybit, based in the Seychelles and Dubai, have decided to delist sanctioned Russian banks from their peer-to-peer (P2P) services.Photo by Eduardo Soares on UnsplashThe move by the two exchange platforms, brought to light by Russian media reports, comes just days after Binance had done the same.Tinkoff Bank and Sberbank, two significant Russian financial institutions, have been expunged from the P2P platforms of OKX and Bybit. This effectively removes the option for Russian crypto users to exchange their assets for fiat through these banks. The decision sees the exchanges fall into line with Western sanctions imposed on the banks due to Russia’s actions in Ukraine.Enforcement difficultiesWhile the removal of these banks from the platforms is a significant step, the nature of P2P transactions introduces complexities in enforcing such bans comprehensively. Reports indicate that certain users are still engaging in P2P transactions with these banks through private channels, showcasing the challenges in regulating this decentralized method of exchange.In the case of OKX, at the time of publication, the platform still allows Russian users to receive fiat through accounts held with the Russian Standard Bank and the Russian branch of Raiffeisen Bank.This action aligns OKX and Bybit with Binance, which faced a similar scenario last week. Binance came under scrutiny when it continued to list the sanctioned banks as part of its payment methods. Following a report by The Wall Street Journal, Binance eventually removed the banks from its platform.Binance’s compliance effortsA spokesperson from Binance conveyed that while the banks have been delisted, the company remains committed to ensuring compliance by continuously updating its systems.“We regularly update our systems to ensure compliance with local and global regulatory standards,” they said. “When gaps are pointed out to us, we seek to address and remediate them as soon as possible.”Despite this stance and the latest action it has taken, users on Binance’s P2P platform are still posting ads for the sale of crypto using the “green bank,” referring to the sanctioned banks, as the preferred method of payment.Western-imposed sanctions have led to significant economic challenges in Russia, pushing individuals and institutions towards cryptocurrencies as a potential solution. In a country that has previously banned private cryptocurrencies, the attraction of decentralized digital assets has grown stronger as a means to break through the sanctions-induced financial stranglehold.Sanctions impactReports from Russian financial institutions reveal dramatic declines in profits, some as high as 90%, as they find themselves cut off from the global payments network SWIFT. Tinkoff Bank, for instance, reported a substantial decline of 67% in the second quarter of 2022, attributing the drop to escalating global tensions.In April, the Bank of Russia introduced a bill that could potentially allow cryptocurrencies to be used in international trade, a measure aimed at mitigating the impact of sanctions. While this could potentially open doors for cross-border transactions involving cryptocurrencies, the restrictions on local transactions remain intact.

Mammoth Foundation signs deal with the Philippines’ AFAB for blockchain business collaborationThe Mammoth Foundation, a blockchain research and development company, announced on Thursday that it has signed a memorandum of understanding (MOU) with the Authority of the Freeport Area of Bataan (AFAB) of the Philippines to establish business partnerships in the blockchain field. Under this agreement, the Mammoth Foundation intends to bring its blockchain technology to the Philippines as a part of efforts to expand its global business.Photo by Sean Yoro on UnsplashFostering innovation in the PhilippinesAFAB is a free economic zone in the Philippines dedicated to pushing development, economic growth and sustainability through creating jobs and establishing technologically-relevant infrastructure systems. In particular, it is focusing on the adoption of cutting-edge technologies such as blockchain, artificial intelligence (AI) and fintech. As one of the oldest free economic zones in Asia, companies residing in the zone are granted preferential measures such as tax exemptions and special visas. Firms that operate innovative businesses can also receive licenses to support the development of the global IT industry — the Mammoth Foundation being one of these.Global expansion and daily engagementHeadquartered in Singapore with offices in the United Kingdom and several Asian countries, the Mammoth Foundation offers dApps in a range of fields such as healthcare, e-commerce, entertainment and gaming through its mainnet Giant Mammoth Chain (GMMT). GMMT is built on the BNB Chain Application Sidechain and is fully compatible with the Ethereum virtual machine (EVM).Participants in GMMT can acquire token rewards through Play-to-Earn (P2E) and Life-to-Earn (L2E) mechanisms by participating in everyday activities and hobbies like walking, shopping, gaming and reading comics. These tokens can then be used within the Mammoth ecosystem.“The Philippines’ market for advanced technologies such as AI and blockchain is expected to grow in the future,” said John Baek, Chairman of the Mammoth Foundation. “We will strive to expand GMMT globally.”